UT (Tax & Chancery) UT/2023/000079 UT/2023/000109 - [2025] UKUT 00059 (TCC)

Three of the issues relied upon by HMRC, the Section 102 Property Issue, the Section 102A Issue and the Election Issue (the “Property Issues”), relate to the nature and/or value of Mrs Elborne’s interest in the Property for inheritance tax purposes at the time of her death. These three issues have various distinct components (and the parties had mixed success on these components before the FTT) but each raise what we refer to as the “Section 102(3) Issue”.

The Section 49/Rossendale Issue and the Section 102 Note Issue, whilst being standalone grounds of cross-appeal, both relate to whether or not the value of Mrs Elborne’s estate at the time of her death was depleted for inheritance tax purposes by an amount equal to the value of the Note.